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SAC CODE - 997135 : Marine, aviation, and other transport insurance services
GST RATE ON SAC CODE - 997135 IS 18%
| SAC CODE | Description |
|---|---|
| 9971 | Financial and related services |
| 99713 | Insurance and pension services (excluding reinsurance services) |
| 997135 | Marine, aviation, and other transport insurance services |
Services Accounting Codes (SAC Codes) 997135 is used for the Marine, aviation, and other transport insurance services under Goods and Service Tax classification. SAC (Services Accounting Code) are used for the identification of the service. This service comes under heading Financial and related services.
How Services Accounting Codes (SAC Codes) 997135 - is Derived?
A uniform format is followed to generate the Service Accounting Code.
The first two digits are 99 always for services.
The next two digits 71 represent the major nature of service, Financial and related services in this case.
The next two digits 35 represent the detailed nature of service, Marine, aviation, and other transport insurance services in this case.
Explanation Of SAC CODE - 997135
This service code includes:
- underwriting services of insurance policies which cover risks relating to the use of commercial passenger and freight vessels, whether operating on oceans, coastal waterways or inland waterways, commercial aircraft, railway rolling stock
- satellite launching insurance services
Note: Risks covered include liability, hull damage or loss of the vessel, and loss of
or damage to aircraft or railway rolling stock
This service code does not include:
- underwriting services of insurance policies for non-commercial vessels and aircraft :- 997133